The US Has Already Defaulted

By virtue of the US$ still being the de-facto world currency, any overseas entities holding US$ debt have already seen their assets' values slide versus their own currencies by between a third and a half. It is not very long ago that the Euro was US80c, now it is close to double that. This collapse represents the world's biggest effective government default in history - a fact that has passed almost unnoticed in the media.

By virtue of the US$ still being the de-facto world currency, any overseas entities holding US$ debt have already seen their assets' values slide versus their own currencies by between a third and a half. It is not very long ago that the Euro was US80c, now it is close to double that. This collapse represents the world's biggest effective government default in history - a fact that has passed almost unnoticed in the media.

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And I can still buy a double cheeseburger at McDonalds for a buck. Wow.

By virtue of the US$ still being the de-facto world currency, any overseas entities holding US$ debt have already seen their assets' values slide versus their own currencies by between a third and a half. It is not very long ago that the Euro was US80c, now it is close to double that. This collapse represents the world's biggest effective government default in history - a fact that has passed almost unnoticed in the media.

By virtue of the US$ still being the de-facto world currency, any overseas entities holding US$ debt have already seen their assets' values slide versus their own currencies by between a third and a half. It is not very long ago that the Euro was US80c, now it is close to double that. This collapse represents the world's biggest effective government default in history - a fact that has passed almost unnoticed in the media.

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devaluation
1 : an official reduction in the exchange value of a currency by a lowering of its gold equivalency or its value relative to another currency

By virtue of the US$ still being the de-facto world currency, any overseas entities holding US$ debt have already seen their assets' values slide versus their own currencies by between a third and a half. It is not very long ago that the Euro was US80c, now it is close to double that. This collapse represents the world's biggest effective government default in history - a fact that has passed almost unnoticed in the media.